reports
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 3Q25: Trudging Across 2025; Accele...
3Q25: Trudging Across 2025; Accelerating In 2026 Highlights Pentamaster’s results were below expectations due to diseconomies of scales from the ATE segment on timing differences in project deliveries. That said, orderbook has improved to RM450m (+29% qoq) following clearer tariff outcomes, with customers gradually resuming capital investments. The group is actively exploring opportunities in AI, DC, high-performance computing and networking to capture next-gen technology growth. We trim...
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Friday, November 7, 2025
Greater China Sector Update | Automobile The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weich...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
THAI THAI AIRWAYS INTERNATIONAL PCL
BH
G13 BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
GAM GENTING SINGAPORE LIMITED
OR GAMUDA BHD
06160 PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
DEWA IJ BEIGENE LTD.
DARMA HENWA (DEWA IJ)
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - The Rise Of AI-Infused Beneficiaries
The Rise Of AI-Infused Beneficiaries Highlights A growing number of Malaysian listcos are benefitting from AI-infused developments and applications, with the beneficiary base widening from mere participation in the flourishing data-centre and smart-city sub-themes in 2024, to components and equipment suppliers in the semiconductor, to robotics, to agentic AI application We see a clear emergence of various beneficiaries in the semiconductor space, particularly in the semiconductor processing ...
0097 VITROX
INRI INARI AMERTRON BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
IJM IJM CORP BHD
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SWB SUNWAY BHD
TDC TIME DOTCOM BHD
ITMAX ITMAX SYSTEM BHD
NATGATE NATIONGATE HOLDINGS BHD
PEKAT PEKAT GROUP BHD
ZETRIX MK ZETRIX AI (ZETRIX MK)
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 28, 2025
Greater China Company Results | China Resources Building Materials Technology (1313 HK/BUY/HK$1.75 /Target: HK$2.06) CR Building Mat Tech’s 9M25 results were below expectations, with earnings up 7.3% yoy to Rmb331m on lower coal costs. Weather disruptions weighed on 3Q25 cement sales volume, while Guangdong prices stayed soft. Aggregates turned loss-making, prompting capex cuts. Management guided 2025 sales of 55m tonnes (-10.9% yoy) and highlighted a planned capacity-exit fund as a medium-term ...
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
AIY IFAST
SPALI SUPALAI PCL
7160 PENTAMASTER CORP. BHD
CENTEL CENTRAL PLAZA HOTEL
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 WUXI APPTEC CO. LTD. CLASS H
CAREIT CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
CENTURION ACCOMMODATION REIT
- Desmond Chong Chee Wai
Pentamaster Corporation (PENTA MK) - Rebounding In 2H25; Accelerating ...
Rebounding In 2H25; Accelerating In 2026 Highlights Pentamaster’s sales momentum is rebounding in 2H25 after a subdued 1H25, underpinned by stronger FAS deliveries across the consumer electronics (CE) and data centre (DC) segments. It is poised for a meaningful recovery in 2026, driven by the rollout of nextgeneration test and inspection systems, as collaborations with major global fabs, foundries, IDMs, and OSATs begin to bear fruit. Maintain HOLD, with an unchanged target price of RM3.75...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 1H25: Within House Expectation; Im...
1H25: Within House Expectation; Improved Visibility Anchors A Better 2H25 Pentamaster’s results are in line with margins showing an improvement in 2Q25. While orderbook remains at RM350m, visibility has improved following clearer tariff outcomes, with customers gradually resuming capital investments. The group is actively exploring opportunities in AI, DC, high-performance computing and networking to capture next-gen technology growth. Raise 2025-26 earnings forecasts by 7-12% to reflect higher ...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Guan An Tan
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Thursday, August 7, 2025
GREATER CHINA Results BeOne Medicines (6160 HK/BUY/HK$182.70/Target: HK$240.00): 2Q25: Results beat; expects revenue and margins to expand further. Cathay Pacific Airways (293 HK/SELL/HK$10.85/Target: HK$10.23): 1H25: Results broadly in line. Cargo facing higher uncertainties in 2H25. Downgraded to SELL. Update AIA Group (1299 HK/BUY/HK$73.55/Target: HK$91.00): 1H25 results preview: Solid VONB and earnings growth. Xiaomi Corp (1810 HK/BUY/HK$54.00/Target: HK$69.20): 2Q25 results preview: Expect ...
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
01299 AIA GROUP LIMITED
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
7160 PENTAMASTER CORP. BHD
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
06160 BEIGENE LTD.
CLAR CAPITALAND ASCENDAS REIT
0293(HKG) CATHAY PACIFIC AIRWAYS LTD
- Desmond Chong Chee Wai
Technology - Penang Insights: Maintaining Resilience, Growth Visibilit...
Penang Insights: Maintaining Resilience, Growth Visibility Improves Our Penang trip suggests that despite a fluid landscape, end-customer orders across most players remain largely intact, with no major cancellations or pushbacks. We believe this resilience is underpinned by a cohesive ecosystem, geographic neutrality, and robust talent and vendor pool built over the years providing a competitive edge amid global shifts. An attractive risk-reward proposition underpinned by improving growth visi...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Ejann Hiew
- Jieqi Liu
- John Cheong Ming Chern
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Meeting Notes: Wednesday, July 16, 2025
GREATER CHINA Economics Economic Activity Resilient 1H25 growth of 5.3% yoy belies rising downside pressure. Sector Healthcare Weekly: Gaining strength on robust earnings outlook and pipeline growth. Maintain OVERWEIGHT. Property Property sales and prices weakened further in J...
AS7 ANTA SPORTS PRODUCTS LTD.
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
558 UMS HOLDINGS LIMITED
7160 PENTAMASTER CORP. BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
0097 VITROX
X2S SINOPHARM GROUP CO. LTD. CLASS H
INRI INARI AMERTRON BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
SKP SKP RESOURCES BHD
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
GREATEC GREATECH TECHNOLOGY BHD
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
300765 WUXI APPTEC CO. LTD. CLASS H
ITMAX CSPC INNOVATION PHARMACEUTICAL CO L
NATGATE ITMAX SYSTEM BHD
300244 NATIONGATE HOLDINGS BHD
NE DIAN DIAGNOSTICS GROUP CO
NORTHEAST GROUP BHD (NE MK)
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Strategy: Winners, Losers & Tactical Positioning Amid Temporary Ceasef...
Winners, Losers & Tactical Positioning Amid Temporary Ceasefire Temporary ceasefire. Following a period of escalating tit-for-tat tariffs that caused significant collateral damage to both economies, the US and China have reached a 90-day truce, agreeing to temporarily suspend the bulk of tariffs on each other’s goods. Under this agreement, reciprocal tariffs will be sharply reduced with the US lowering those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10%...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 1Q25: Within House Expectation; Tr...
1Q25: Within House Expectation; Trudging In A Choppy Sea Pentamaster’s 1Q25 results were in line. Orderbook dwindled to RM350m as customers adopted a wait-and-see stance amid persistent global trade uncertainties. The group is actively exploring opportunities across the advancements in AI, DC, high performance computing and networking to mitigate sector-specific downturns. After a 28% rebound from its recent trough, we believe the stock now reflects a more balanced risk-reward profile. Downgrade...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Notes - Friday, May 09, 2025
GREATER CHINA Sector Automobile: Weekly: PEV sales down wow due to holiday. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and Desay SV. Internet: Expecting ample monetisation potential on promising game pipelines in 2025. Results Budweiser APAC (1876 HK/BUY/HK$8.31/Target: HK$12.00): 1Q25: EBITDA declines 11% yoy; China’s consumer confidence and on-premise channels show no significant recovery; expects sell-in to match sell-through in 2H25. Galaxy Entertainment Group (27 HK/BUY/HK$3...
00027 GALAXY ENTERTAINMENT GROUP LIMITED
7160 PENTAMASTER CORP. BHD
ASII PT ASTRA INTERNATIONAL TBK
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
01876 BUDWEISER BREWING CO. APAC LTD.
TIDLOR NGERN TID LOR PCL
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
2209 YESASIA HOLDINGS LTD
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A Ringgit Resurgence Environment
Opportunities In A Ringgit Resurgence Environment The sharp ringgit appreciation driven by de-dollarisation and thus a broader reallocation of capital toward emerging market currencies support our view of a moderate upside for Malaysian equities. Key beneficiaries include importers and companies with high US dollar debt, while exporters may face margin pressure. While historical parallel suggests temporary trading opportunities, we recommend a tactical trading stance, focusing on value-driven op...
OMH OM HOLDINGS
4197 SIME DARBY BHD.
7160 PENTAMASTER CORP. BHD
5347 TENAGA NASIONAL BHD
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
0097 VITROX
AXIATA AXIATA GROUP BERHAD
YNS YINSON HOLDINGS BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
TDC TIME DOTCOM BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
CAPITALA CAPITAL A BHD
GENTMK GENTING BERHAD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
NE NORTHEAST GROUP BHD (NE MK)
- Desmond Chong Chee Wai
Technology - Uncovering Bright Spots Amid The Tariff-ied Pandora’s Box
Uncovering Bright Spots Amid The Tariff-ied Pandora’s Box The sector index has tumbled 32% ytd, with valuations now trading below -1SD to the seven-year forward PE mean. The key debate remains whether the sector has factored in imminent downside earnings risks, and fallen enough to justify bottom-fishing. To stress-test this, we model a double-burned down case − axeing earnings and applying a -0.5SD/-1SD valuation multiple. While the stress test highlight pockets of vulnerability, selective brig...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ming San Soong
- Paula Ruth
- Philip Wong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Wednesday, April 23, 2025
GREATER CHINA Initiate Coverage Tencent Music Entertainment Group (1698 HK/BUY/HK$47.80/Target: HK$60.00) World’s largest music platform with evolving social ecosystem. Results Dian Diagnostics (300244 CH/HOLD/Rmb13.99/Target: Rmb15.00) 2024: Results in line; maintain 2025 revenue growth estimate of 8.8% yoy. iFlytek (002230 CH/SELL/Rmb45.18/Target: Rmb35.00) 2024 and 1Q25: Earnings miss on heightened R&D spending; solid top-line growth. Update Sunn...
0166 INARI AMERTRON
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
002230 IFLYTEK CO. LTD. CLASS A
7160 PENTAMASTER CORP. BHD
NANO NANOCO GROUP
0097 VITROX
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VSI V.S. INDUSTRY BERHAD
SKP SKP RESOURCES BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
NATGATE NATIONGATE HOLDINGS BHD
OPPSTAR OPPSTAR BERHAD
300244 DIAN DIAGNOSTICS GROUP CO
0303 ALPHA IVF GROUP
NE NORTHEAST GROUP BHD (NE MK)
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Desmond Chong Chee Wai
- Vincent Khoo Boo Aik
Pentamaster Corporation Berhad: 1 director
A director at Pentamaster Corporation Berhad bought 60,000 shares at 1.935MYR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...
- Desmond Chong Chee Wai
Technology - Silicon Vision: Spearheading Malaysia’s AI Leadership Thr...
Silicon Vision: Spearheading Malaysia’s AI Leadership Through IP Innovation “Silicon Vision”, the first-ever country-level partnership with Arm Holdings, marks a transformative milestone in spearheading the frontier semiconductor evolution. While this multifaceted transformation is undeniably a complex endeavour, we are positive as this game-changing evolution could eventually drive a transformative waterfall effect across the entire semiconductor value chain, spanning across IC designer to equi...
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - 2024: Within Expectations; Trudgin...
2024: Within Expectations; Trudging Along A Choppy Sea Within expectations. Pentamaster Corporation (Pentamaster) reported a weaker 4Q24 core net profit of RM15.1m (-38% qoq, -35% yoy), bringing 2024 core net profit to RM79.5m (-10%) which accounts for 96% of our/consensus full-year estimates respectively. Note that 2024 core earnings have been adjusted for the unrealised forex losses (RM14.6m) and other one-off impairment related to inventory and expected credit loss allowance on receivables.
- Desmond Chong Chee Wai
Pentamaster Corporation (PENT MK) - Unlocking Strategic Synergies And ...
Unlocking Strategic Synergies And Valuation Benefits Through The Privatisation Of Its Hong Kong Unit Pentamaster Corporation (PCB), together with Puga Holdings (Puga) as joint offerors, has proposed the privatisation of its 63.90%-owned subsidiary, Pentamaster International (PIL) which is currently listing on the Hong Kong Stock Exchange (HKSE). Under the joint offerors agreement, PCB will increase its stake in PIL from 63.90% to 71.00% through the acquisition of an additional 170.4m shares (or ...
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